Sunday, 17 October 2021 10:48 GMT

This is Why Major Companies are Racing to the Golden Triangle


(MENAFN- Baystreet.ca) This is Why Major Companies are Racing to the Golden Triangle

The “Golden Triangle” may be one of the hottest mining areas in the world. For one, there’s been a good deal of acquisitions over the last few months. For example, Seabridge Gold purchased from Pretium Resources, the Snowfield Property which hosts a large gold resource for $100 million. Two, “Over 130 million ounces of gold, 800 million ounces of silver and 40 billion pounds of copper have been discovered in the Golden Triangle and this is only scratching the surface. Exploration results by numerous junior explorers have made it clear that the Golden Triangle is metal-rich with further significant discovery potential,” as reported by Resource World. All is creating a good deal of excitement for companies such as Metallis Resources Inc. (TSXV: MTS)(OTCQB: MTLFF)(FSE: 0CVM), Seabridge Gold Inc. (NYSE:SA)(TSX:SEA), Eskay Mining Corp. (TSXV:ESK)(OTC:ESKYF), Tudor Gold Corp. (TSXV:TUD)(OTC:TDRRF), and Skeena Resources Ltd. (TSX:SKE)(OTC:SKREF).

One of the Companies Operating in the Golden Triangle is Metallis Resources Inc.

Metallis Re sources Inc. (TSXV: MTS)(OTCQB:MTLFF)(FSE:0CVM), provides this midseason update on its 2021 drill program and the concurrent field exploration campaign at its 100%-owned Kirkham Property. The Property is situated in the prolific Eskay Camp of the Golden Triangle, northwestern British Columbia, a district well-known worldwide for the past producing Eskay Creek and Snip gold mines, Seabridge’s KSM porphyry deposits and Pretium’s producing Brucejack gold mine.

Drill Program Update

The planned 8,000 meter 2021 drill program is focused on two overlapping distinct types of mineralization at the 4 km long Cliff-Miles Porphyry corridor; the primary stage copper-gold mineralization which extends down to an approximate 800m depth and the central 2 km long gold-rich zone. The company is currently drilling its fifth hole with over 3,000 m drilled. The four completed holes have encountered long sections of stockwork and disseminated mineralization

David Dupre P.Geo., Metallis’ VP of Exploration commented, “We are very pleased by the progress the team are making in the field; a turning point has been reached with our understanding of the Cliff-Miles Porphyry and these first holes look very prospective. Long intercepts of highly siliceous and pyritic monzonite and siltstones seem to be visually identical to the gold-rich zones we encountered in previous stand-out holes.”

Stockwork and disseminated Cu-sulphide mineralization has been intersected in all holes. The visuals of mineralization, supported by systematic portable X-ray Florescence (or “pXRF”) spot probing of background host-rock, has indicated a gradual increase in copper content with depth. The pXRF has only been done on two holes (KH21-41 and KH21-42) and is presented on one section. The encouraging copper-gold mineralization constrained within the highly silicified porphyry and clastic rocks is also coincident with IP resistivity-highs and gold-in-soil geochemical anomalies.

The initial two drill holes, KH21-39 and KH21-40 encountered wide mineralized zones like nearby KH18-13 (intersected 245.5m @ 0.40 CuEq*) and KH20-36 (intersected 490.8m @ 0.33 g/t AuEq* including 56.2m @ 0.50 g/t AuEq*).

The third drill hole KH21-41 cut across the central Cliff-Miles zone and has highlighted an interplay of Feldspar Porphyry (“FP”), highly silicified and well-mineralized Medium Porphyry and host siliciclastic rocks. These altered rocks are known to carry significant amounts of gold as intersected last year in drill hole KH20-37, which returned 83.0m @ 0.68 g/t AuEq including 32.0m @ 1.24 g/t AuEq*. (See NR March 23, 2021).

The fourth drill hole, KH21-42, is one of the most encouraging holes to date. The hole was designed to test below the promising results of KH21-41 into a highly silicified, chalcopyrite bearing, quartz-vein-stockwork contained within Hawilson porphyry and clastic rocks. Most of the drill core from KH21-42 contained highly siliceous rocks while a 150 m section exhibited some of the best chalcopyrite concentrations observed to date. KH21-42 will also serve to improve the Company's understanding of the geometry and evolution of the porphyry as well as delineating further potential at depth.

All the drill core samples for the holes drilled to date have now been delivered to the laboratory and the Company is waiting for assay results. Again, this year, due to a massive increase in drilling activity in the Golden Triangle, all labs are facing unprecedented volumes of samples and backlogs are anticipated.

Field Mapping and Prospecting

In conjunction with the drill program, geologists are currently mapping the structural setting and dimensions of the porphyry intrusions at the Cliff-Miles porphyry corridor. The initial interpretation of the field and drilling data so far indicates a distinct 030o strike of the mineralized porphyry intrusions, which has now opened a huge unexplored area to the north and northwest. This exercise has allowed Metallis’ geologists to optimize the drill collars and continue to tweak the design of the on-going 2021 drill program.

Reconnaissance geological mapping has now outlined several areas of sulphide mineralization in the mudstone and rhyolite units belonging to the Hazelton Group. These rock-types are widely exposed at Mount Dunn, located in the western part of the property. Due to being miss-assigned as part of the Stuhini Group by previous provincial and operator surveys, along with recent glacial retreat, Mount Dunn represents an underexplored area of Hazelton rocks prospective for hosting precious metal-rich VMS deposits like the nearby Eskay Creek mine. The field mapping combined with results from the recent ZTEMTM and upcoming IP survey will continue to evaluate the Hazelton rocks and its VMS potential at the Kirkham Property.

Metallis’ VP of Geoscience Dr. Razique stated from the field, “The VMS model in the Eskay Camp is evolving with input from recent drilling and airborne geophysical surveys by Metallis and other operators in the district. The data is currently being processed and interpreted for concealed porphyry core zones at the Cliff/Cole porphyry centers and VMS targets in the Hazelton Group.”

Other related developments from around the markets include:

Seabridge Gold reports that core drilling will commence shortly at its 100%-owned Iskut project in British Columbia to continue testing below the Quartz Rise Lithocap for a gold-copper porphyry mineral system similar to those on Seabridge's nearby KSM Project. The Iskut target has been developed over the past four years, making extensive use of geophysical surveys including IP, magnetic, hyperspectral and magnetotelluric (MT) evaluations. Surface mapping, geochemical sampling, preliminary drilling and 3-dimensional modeling have augmented the geophysical exploration and continue to indicate potential for a large gold-copper porphyry system.

Tudor Gold Corp. presented the second set of results from the 2021 resource expansion and definition drilling program for the Goldstorm Deposit at their flagship property, Treaty Creek . The project is located in the heart of the Golden Triangle of northwestern British Columbia and is on-trend from Seabridge’s KSM Project located five kilometers southwest of the Goldstorm Deposit. Exploration at Treaty Creek is ongoing at Goldstorm and Eureka zones with six diamond drills now fully crewed. Treaty Creek, Drilling Highlights include: An exceptional extension of the 300 Horizon and CS600 to the northeast in hole GS-21-113 that contains 972.0 meters (m) of 1.265 g/t AuEq including 456.0 m of 1.352 g/t AuEq in the 300 Horizon and 405.0 m of 1.439 g/t AuEq in CS-600. Strong, consistent mineralization in GS-21-112 which further extends DS-5 to the northwest with 219.0 m of 1.287 g/t AuEq including 79.5 m of 2.079 g/t AuEq or 156.0 m of 1.557 g/t AuEq. Mineralization of the 300 Horizon in GS-21-111 totals 613.5 m of 0.869 g/t AuEq, which included an enriched section of 120.0 m averaging 1.974 g/t AuEq within 351.0 m of 1.253 g/t AuEq.

Skeena Resources Ltd. reported that it has initiated a 35,000 metre regional and near mine exploration drilling program at the Eskay Creek gold-silver project located in the Golden Triangle of British Columbia. One surface-based helicopter supported drill rig is currently active at the Project testing the strike extensions of the 22 Zone. Additional rigs will be added as they become available. When Eskay Creek was optioned in 2017 and ultimately purchased from Barrick in 2020, the Company’s drilling programs almost wholly focused on de-risking the project through category conversion (infill) drilling. To date, very little grassroots exploration has been performed on the property by Skeena. The purpose of the 2021 exploration program is to perform focused and expedited regional and near mine exploration with the goal of adding greater than 1 million ounces of gold equivalent resources to enhance the existing Eskay Creek mine plan. Pragmatic exploration will focus on defining bodies of near surface, bulk tonnage Au-Ag mineralization to provide supplemental feed for the Company’s current Prefeasibility Study level contemplated truck and shovel open-pit mine plan. Ranking will favour targets with spatial proximity to the proposed processing facilities.

Eskay Mining Corp. announced that its exploration team has discovered two new potentially large volcanogenic massive sulphide systems on its 100% owned Consolidated Eskay precious metal project in the Golden Triangle, British Columbia . The Company is also pleased to announce that its 2021 diamond drill program is steadily advancing with approximately 19,000 m of a minimum 30,000 m planned program now complete. Assay turnaround is expected to continue to be protracted due to an extremely active drill season in the region as well as a chronic shortage of available labor, especially at sample preparation facilities.

Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Metallis Resources Inc. by Metallis Resources Inc. We own ZERO shares of Metallis Resources Inc. Please click he re for full disclaimer.

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